CME Group Realigns Foreign Exchange Businesses, Expanding Trading Opportunities and Efficiencies for Clients Across Futures, Cash and OTC Markets

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CME Group, the world's leading derivatives marketplace, has announced the realignment of its FX futures, options, cash, and OTC FX businesses into a single unit led by Paul Houston. Houston will serve as Global Head of FX Products and will be responsible for the company's FX derivatives markets and EBS cash markets business. The new structure aims to improve client service, increase efficiencies, and enhance product development in the FX marketplace.

Paul Houston Appointed to Lead Combined FX Products Group

CHICAGO and LONDON, Aug. 16, 2023 /PRNewswire/ -- CME Group, the world's leading derivatives marketplace, today announced a realignment of its FX futures, options, cash and over-the-counter (OTC) FX businesses into a single unit led by Paul Houston, who has overseen CME Group's futures and options business for seven years. 

Under the new structure, Houston will serve as Global Head of FX Products and will be responsible for the company's FX derivatives markets as well as its EBS cash markets business, leveraging a combined team to further improve client service, increase efficiencies and enhance product development across the entire FX marketplace. Jeff Ward, Global Head of EBS, will be leaving CME Group in September. 

"With the adoption of a more integrated FX business model that can better operate across futures, options, cash and OTC markets, we will significantly expand trading opportunities for our clients, while also delivering increased efficiencies and an enhanced ability to introduce new products in the dynamic FX marketplace," said Tim McCourt, Senior Managing Director, Head of Financial & OTC Products, CME Group. "We have been working to create tighter alignment among all of our FX businesses since CME Group purchased EBS through its acquisition of NEX in 2018. This new structure is the last step in that process and one that, we believe, will benefit our FX clients globally."

McCourt added: "Paul is a proven leader who has played a key role in expanding our FX futures and options business, which saw average daily volume increase by 24% to 985,000 contracts last year. His experience and comprehensive knowledge of the broad FX market will benefit our entire FX business and create enhanced development opportunities for the combined team. In addition, we thank Jeff Ward for all he has done to make EBS an award-winning, go-to source for liquidity and price discovery in cash FX and look forward to continuing to build on that strong track record going forward."

For more information on CME Group FX products, visit cmegroup.com/fx.

As the world's leading derivatives marketplace, CME Group (www.cmegroup.com) enables clients to trade futures, options, cash and OTC markets, optimize portfolios, and analyze data – empowering market participants worldwide to efficiently manage risk and capture opportunities. CME Group exchanges offer the widest range of global benchmark products across all major asset classes based on interest rates, equity indexes, foreign exchange, energy, agricultural products and metals.  The company offers futures and options on futures trading through the CME Globex® platform, fixed income trading via BrokerTec and foreign exchange trading on the EBS platform.  In addition, it operates one of the world's leading central counterparty clearing providers, CME Clearing. 

CME Group, the Globe logo, CME, Chicago Mercantile Exchange, Globex, and, E-mini are trademarks of Chicago Mercantile Exchange Inc.  CBOT and Chicago Board of Trade are trademarks of Board of Trade of the City of Chicago, Inc.  NYMEX, New York Mercantile Exchange and ClearPort are trademarks of New York Mercantile Exchange, Inc.  COMEX is a trademark of Commodity Exchange, Inc. BrokerTec and EBS are trademarks of BrokerTec Europe LTD and EBS Group LTD, respectively. The S&P 500 Index is a product of S&P Dow Jones Indices LLC ("S&P DJI"). "S&P®", "S&P 500®", "SPY®", "SPX®", US 500 and The 500 are trademarks of Standard & Poor's Financial Services LLC; Dow Jones®, DJIA® and Dow Jones Industrial Average are service and/or trademarks of Dow Jones Trademark Holdings LLC. These trademarks have been licensed for use by Chicago Mercantile Exchange Inc. Futures contracts based on the S&P 500 Index are not sponsored, endorsed, marketed, or promoted by S&P DJI, and S&P DJI makes no representation regarding the advisability of investing in such products. All other trademarks are the property of their respective owners.

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SOURCE CME Group

FAQ

Who has been appointed to lead the combined FX products group at CME Group?

Paul Houston has been appointed to lead the combined FX products group at CME Group.

What will be Paul Houston's role in the company?

Paul Houston will serve as Global Head of FX Products and will be responsible for the company's FX derivatives markets and EBS cash markets business.

What is the goal of the realignment of CME Group's FX businesses?

The goal of the realignment is to improve client service, increase efficiencies, and enhance product development in the FX marketplace.

Who will be leaving CME Group in September?

Jeff Ward, Global Head of EBS, will be leaving CME Group in September.

What is the significance of CME Group's acquisition of NEX in 2018?

CME Group's acquisition of NEX in 2018 has led to the creation of a more integrated FX business model that can better operate across futures, options, cash, and OTC markets.